As Chicago continues to prove itself as a hub for domestic and international business, first-class entertainment, and luxurious real estate, travelers from near and far will flock to the city for business or pleasure. If you’re from out of town, purchasing a Chicago home or Chicago condo to serve as your “home away from home” during visits will ensure doing business here is convenient and entertainment can be enjoyed to the max—whether you’re coming from an Illinois suburb or across several oceans.
A second home in Chicago will cost less than other major cities—San Francisco, Los Angeles, New York or Washington, D.C. Buying into Chicago’s most exclusive buildings can cost anywhere from $700-$1,200 per square foot. For example, a home in one of the cities most opulent residences, the Michigan Avenue Ritz-Carlton, could only cost about $1,200 per square foot. But that doesn’t mean Chicago new construction won’t offer value later on. The Ritz-Carlton residences are part of a chic, boutique building backed by its name—which plays a big role in the future value of such properties. One-bedrooms in the Ritz-Carlton have already sold out. One has even been resold, and it’s easy to see why. For a second home-buyer, a Chicago condo in a building like this is typically in a walkable neighborhood, near high-end shopping and in the heart of business activities so you’re close to work and play.
If you’re not in the city for business, a second home will make spending time in the city convenient and accessible. Buying a Chicago condo in a dense neighborhood like Lakeview, River North or the Gold Coast, and near the attractions you might frequent makes staying in the city easier than ever. Looking at Chicago real estate as a second home could mean you have a readily available vacation waiting for you anytime you need it.
Visit Sheldon’s Web site to search online Chicago Real Estate Listings.